OAK RIDGE, N.J., Jan. 06, 2022 (GLOBE NEWSWIRE) — Lakeland Bancorp, Inc. (NASDAQ: LBAI) announced that its acquisition of 1st Constitution Bancorp (NASDAQ: FCCY) was completed effective January 6, 2022.
Lakeland will issue approximately 14.1 million shares of common stock in the transaction. The common shareholders of 1st Constitution will receive 1.3577 shares of Lakeland common stock for each 1st Constitution share that they own.
Effective January 6, 2022, 1st Constitution’s wholly-owned subsidiary, 1st Constitution Bank, was merged into Lakeland Bank. As of September 30, 2021, 1st Constitution had approximately $1.91 billion in assets, $1.20 billion in loans and $1.64 billion in deposits. The acquisition represents a significant addition to Lakeland’s New Jersey franchise and the combined organization will have over $10 billion in assets and rank as the 5th largest bank headquartered in New Jersey. Full systems integration is expected to be completed in the first quarter of 2022.
“We are excited to welcome the customers, employees, and shareholders of 1st Constitution to the Lakeland team. We look forward to Robert F. Mangano joining our Boards of Directors,” said Thomas Shara, President and Chief Executive Officer of Lakeland.
Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor and Luse Gorman, PC provided legal counsel to Lakeland. Raymond James & Associates served as financial advisor and Day Pitney LLP provided legal counsel to 1st Constitution.
About Lakeland Bancorp, Inc.
Lakeland Bancorp, Inc. has an extensive branch network and commercial lending centers throughout New Jersey and in Highland Mills, New York, and offers business and retail banking products and services. Business services include commercial loans and lines of credit, commercial real estate loans, loans for healthcare services, asset-based lending, equipment financing, small business loans and lines and cash management services. Consumer services include online and mobile banking, home equity loans and lines, mortgage options and wealth management solutions. Lakeland is proud to be recognized as one of New Jersey’s Best-In State Banks by Forbes and Statista, rated a 5-Star Bank by Bauer Financial and named one of New Jersey’s 50 Fastest Growing Companies by NJBIZ. As of September 30, 2021, Lakeland had consolidated total assets, total loans, total deposits and total stockholders’ equity of $8.17 billion, $5.88 billion, $6.93 billion and $814.1 million, respectively.
